The base in the the word “insurance” means “fear” in Ukrainian and “sure” in English. It well may be that this etymological difference defines the different attitude towards insurance as the whole. In Ukraine people insure to get rid of fear while in the Western Europe or the USA they insure to ensure their confidence in what tomorrow brings. Nevertheless the profound understanding of the benefits of insurance as an effective means of securing financial welfare is gradually catching on. This is especially evident in the period of economic downfall. The statistics back up this trend showing that the number of insured events increase during the crisis years. Below are the grounds for this pattern.

Most probably you ran across wrecked cars carrying a vivid banner which said “Insured by…” more than once. In Ukraine car owners choose to express their indignation in such a creative way after being denied insurance indemnity. While the majority of disappointed clients fully hold the insurance company accountable for their misfortunes, they would be quite surprised to find out that quite many times they were the ones to blame. What are themost common mistakes that entail indemnity denial?

25.02.2016

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There is myth quite popular in our country that “Ukraine’s insurance doesn’t work”. I’ve been handling insurance claims for a pretty long time already. In my experience there has been not a single unjustified denial.

Last year Ukraine’s insurance market faced two major trends. The first one was associated with overall decline of economy due to ongoing conflict in the East of our country and sharp depreciation of national currency. The second one, though, came down to the fact that the need for structural reforms became urgent and obvious which, in its turn, gave start to new market developments.

Traffic accidents happen all the time. Therefore almost everyone has an idea of what to do in case of such an emergency. As to the insured events which happen to the real estate objects, they are much rarer but entail way more serious consequences. The experience of dealing with them is quite limited. This article focuses on the key rules which would be helpful for property insurance policy holders.

We often come across situation when a client feels to have been unjustly denied indemnity. However there is a number of factors serving as grounds for indemnity denial which are quite formal and simple. Hopefully this article will keep you from making the popular mistakes in order to have your car's repair paid for by your insurance company.